Notes on clauses - Wealth-tax

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....ludes 'urban land' in the definition of the term 'assets'. Clause (b) of Explanation 1 to the said clause (ea) defines the term 'urban land'.       It is proposed to amend clause (b) of Explanation 1 to clause (ea) of section 2 so as to provide that land situated in any area within the distance, measured aerially, (I) not being more than two kilometres, from the local l....

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....r 2014-15 and subsequent assessment years.       Clause 52 of the Bill seeks to insert new sections 14A and 14B in the Wealth-tax Act relating to rule making power of the Board.       It is proposed to insert a new section 14A so as to provide that the Board may make rules providing for a class or classes of persons who may not be required to....

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....return in electronic form but shall be produced before the Assessing Officer on demand; the computer resource or the electronic record to which the return in electronic form may be transmitted.       Consequentially, it is proposed to insert new clauses (ba) and (bb) in sub-section (2) of section 46 which provides for rule making powers of the Board.   &nbs....